Exactly echoing Silvaire's comments. It doesn't have to make absolute financial sense. No hobby ever does. We don't ask that from angling or motocross, so why from aviation?
Think about the guys (and we all know those guys), who buy really fancy sports cars. It doesn't make sense financially and trying to justify it in that way is futile. It adds that fifth element, the unquantifiable umami, so to speak. There's no price on that.
I'm a brand new aircraft owner myself. And they way I look at is this: the annual, the repairs, the service is a price I have to pay to join the club and be an owner. It's a price I have to pay no matter how many hours I fly a year. Obviously, engine funds etc are time dependent, but in a way, no. If you overhaul at TBO, then yes, but there's no legal limit to do so. My engines are unsupported anyway, so for me it becomes an exercise in nursing them along, either by replacing them by surplus on condition ones or overhauling tops. A complete overhaul is cost prohibitive.
So the cost for me is simply fuel and oil, that's how I look at it. And when you look at it that way, flying is rather cheap!